Profits down 34% at Marks & Spencer

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The 34% decline in profits to £297.8 million came after UK like-for-like sales slid 5.7% in the six months to September 27.

Executive chairman Sir Stuart Rose described trading during October as volatile and said the company remained cautious about the outlook for the remainder of its financial year.

M&S said: "The economic environment has changed dramatically and we are now facing the most difficult retail conditions since the early 90s."

The profits figure is slightly better than the £290 million expected in the City. M&S is forecast to report full-year profits of around £640 million - a far cry from the previous year's figure of more than £1 billion.

Sir Stuart said the company would manage the business through the downturn by tightly controlling costs, capital expenditure and stock levels.

He added: "We are confident we have the right plan to bring M&S through these difficult times."

The company used the results to outline its priorities for the remainder of the year and into next year. This includes maintaining its market leading position in general merchandise and improving the company's performance in food, where its market share has declined from 4.3% to 4%.

It said its "Dine in for £10" promotion and weekend offers were starting to drive footfall and had encouraged renewed interest from the "more occasional customer".

Meanwhile, the company pledged to keep its five-year eco-plan on track despite the retail giant's fall in profits. Plan A was launched in January 2007 with 100 targets to improve the company's ethical, environmental and social performance.